statistics

posted by Kabelo

How large a sample should be taken if the population mean is to be estimated with 99% confidence to within $75? The population has a standard deviation of $900.

  1. MsPi_3.14159265

    Thanks to Dr Bob for presenting this solution earlier : )

    mu = bar x +/- 3(sigma/sqrt N)
    mu is the population mean.
    bar x is the average.
    3 gives the 99% confidence interval.
    sigma is standard deviation. N is the number of sample. Solve for N.

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